247.940 Legislative findings and purpose.

287 words·~1 min read·/ky/chapter-247/247-940

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The General Assembly hereby finds and declares that as a result of a variety of

pressures, most notably the continual spiral of inflation and the increasingly serious

effects of speculative land values, the opportunities in agriculture have been

severely limited; that one of the major impediments to the purchase of agricultural

land, machinery and equipment by farmers is their inability to secure adequate

financing upon reasonable terms; and, that it is both necessary and desirable to

institute policies and programs which will encourage agricultural pursuits from

which the Commonwealth derives the numerous social, economic and

environmental benefits which historically have proved beneficial to its citizens.

(2)The General Assembly hereby finds and declares further that private enterprise and

investment have not been able to produce, without assistance, the capital necessary

to permit the small, family farm operators to continue to compete successfully in

agricultural enterprises or to permit enterprising individuals to become farmers.

(3)The General Assembly hereby finds and declares further that the purposes of KRS

247.940 to 247.978 are to provide a financing instrumentality more closely allied

with the Department of Agriculture in order that the benefits intended hereunder

may be more effectively administered to those engaged in agriculture and related

enterprises.

(4)The General Assembly hereby finds and declares further that in order to accomplish

the purposes herein set forth, the Kentucky Agricultural Finance Corporation shall

be and constitute a de jure municipal corporation and political subdivision of the

Commonwealth created for the purpose of performing essential public functions and

serving the public purposes in improving and promoting the health, welfare and

prosperity of the people of the Commonwealth through the stimulation of existing

agricultural enterprises and the promotion of new agricultural ventures.